7. Goodwill and intangible assets

The following table presents the change in goodwill balances by reportable segment for fiscal year 2019.


	Electronic
	Components (EC)		Farnell		Total
	(Thousands)
Carrying value at June 30, 2018 (1)	$	479,699	$	501,173	$	980,872
Additions from acquisitions		52,403		—		52,403
Impairment of goodwill		(137,396)		—		(137,396)
Foreign currency translation		(3,810)		(15,341)		(19,151)
Carrying value at June 29, 2019 (2)	$	390,896	$	485,832	$	876,728

⁽¹⁾ Includes accumulated impairment of $1,045.1 million from fiscal 2009 and $181.4 million from fiscal 2018

⁽²⁾

Includes accumulated impairment of $1,045.1 million from fiscal 2009, $181.4 million from fiscal 2018 and $137.4 million from fiscal 2019

During the fourth quarter of fiscal 2019, the Company performed an annual goodwill impairment test for all of its reporting units that have goodwill using a quantitative impairment test. As a result of the goodwill impairment testing, the Company recorded $137.4 million of non-cash goodwill impairment expense related to reporting units in the Americas and Asia regions of the EC reportable segment. The impairment of goodwill in such reporting units was primarily the result of lower than expected operating results in the second half of fiscal 2019 and a corresponding reduction of future expected operating results due primarily to recent industry specific and macroeconomic challenges and uncertainties.

In assessing goodwill for impairment in the fourth quarter of fiscal 2019, the Company was required to make significant judgments related to the fair value of its reporting units. The Company used a combination of an income approach, specifically a discounted cash flow methodology, and a market approach to estimate the fair value of its reporting units. The discounted cash flow methodology includes market participant assumptions for, among other factors, forecasted sales, gross profit margins, operating expenses, cash flows, perpetual growth rates and long-term discount rates, all of which required judgments and estimates by management which are inherently uncertain. The market approach methodology required significant assumptions related to comparable transactions, market multiples, capital structure and control premiums.

In fiscal 2018, the Company impaired goodwill for a reporting unit in the Americas region of the EC reportable segment and recorded $181.4 million of non-cash goodwill impairment expense.

The following table presents the Company’s acquired identifiable intangible assets:


	June 29, 2019						June 30, 2018
	Acquired		Accumulated		Net Book		Acquired		Accumulated		Net Book
	Amount		Amortization		Value		Amount		Amortization		Value
	(Thousands)
Customer related	$	292,266	$	(208,329)	$	83,937	$	300,126	$	(148,416)	$	151,710
Trade name		52,760		(24,752)		28,008		54,391		(16,711)		37,680
Technology and other		63,753		(32,178)		31,575		52,793		(22,270)		30,523
	$	408,779	$	(265,259)	$	143,520	$	407,310	$	(187,397)	$	219,913

Intangible asset amortization expense was $83.7 million, $91.5 million and $54.0 million for fiscal 2019, 2018 and 2017, respectively. Intangible assets have a weighted average remaining useful life of approximately 2 years as of June 29, 2019.

The following table presents the estimated future amortization expense for the next five fiscal years and thereafter (in thousands):


Fiscal Year
2020	$	81,177
2021		40,420
2022		14,451
2023		5,966
2024		1,506
Total	$	143,520

In connection with the annual goodwill impairment testing performed in the fourth quarter of fiscal 2019 and the resultant goodwill impairment, the Company also performed impairment testing for certain long-lived assets in the Americas and Asia regions of the EC reportable segment. As a result of such long-lived asset impairment testing, the Company concluded that long-lived assets were recoverable and were not impaired as of June 29, 2019.